Lumen Réseaux is upgrading a city's street lighting (obligation satisfied over time, price of 1,000,000, total expected costs of 800,000; progress measured using costs). At 31 December 20X1, costs incurred amount to 380,000, including 100,000 of light fittings purchased and stored in Lumen's warehouse, not yet installed; under the contract, the city will obtain control of them only when they are installed. What revenue does Lumen recognise at 31 December 20X1?
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